{"data":{"id":"us-ky/krs-367.816","jurisdiction":"us-ky","citation":"KRS 367.816","heading":"Agreement or arrangement for a business opportunity -- Requirements --","body":"Effect of noncompliance -- Nonwaiverability.\n(1) Every agreement or arrangement for a business opportunity shall be in writing.\nCopies of the completed agreement and all other docu ments the offeror requires the\nconsumer/investor to sign shall be given to the consumer/investor at the time they\nare signed.\n(2) Each business opportunity agreement shall set forth in easily legible form all of the\nfollowing:\n(a) The terms and conditions of all payments including the amount owed and a\ncomplete schedule for total payment;\n(b) A detailed description of the acts or services the offeror or its affiliate\nundertake to perform for the consumer/investor;\n(c) The offeror's name, telephone number, p rincipal business address, by street\nand number, and the name and address of its agent in this state authorized to\nreceive service of process;\n(d) Whether the offeror is doing business as a corporation, partnership, or\notherwise, and the state of its incorporation or organization;\n(e) The estimated delivery dates of each installment and whether the items are to\nbe delivered to the consumer/investor or are to be placed by the offeror at\nlocations owned or managed by persons other than the consumer/investor;\n(f) If applicable, the terms of the \"buy -back\" or \"security\" obligation of the\nofferor pursuant to KRS 367.801(5)(c)3.\n(g) The name and address of each supplier of the items the offeror is to deliver to\nthe consumer/investor; and\n(h) The following statemen t in the form below in no smaller than ten (10) point\nboldface print:\nSTATEMENT OF CONSUMER INVESTOR RIGHTS\n1. You have thirty (30) business days in which you may cancel this\ncontract for any reason.\n2. To cancel, you must mail or deliver a written notice to (Seller's name\nand street address) before (last date to mail or deliver notice). If mailed,\nthe notice must be postmarked by the above date. If you deliver the\nnotice, it must be delivered by the end of the normal business day on the\nabove date.\n3. We must promptly refund your payments, and within five (5) business\ndays after you receive your refund, you must allow us to pick up\nanything we provided to you under this contract.\n4. If we or our affiliate s mislead you by what we say, or if we violate the\nKentucky Business Opportunities Law, you may cancel this contract. To\ncancel, you must give written notice to us within one (1) year of the date\nof the contract.\n5. If you cancel under this provision, you are entitled to a prompt refund of\nall amounts you have paid, less the value of items we delivered that you\ndo not return.\n6. If we do not deliver items promised within thirty (30) days of the\ndelivery date in your contract except for reasons beyond our control, you\nmay cancel this contract and receive an immediate refund of amounts\npaid, less the value of items you do not return.\n(3) The offeror shall not take a negotiable instrument as evidence of the\nconsumer's/investor's obligation unless the instrument  on its face abrogates holder\nin due course status for its holder.\n(4) The payment schedule in the agreement shall not require payment of more than\ntwenty percent (20%) of the initial payment before delivery to the\nconsumer/investor of the items to be supp lied by the offeror, unless sums in excess\nof the twenty percent (20%) are placed in escrow until the consumer/investor\nadvises the escrow agent in writing of the delivery of the items, or until the offeror\npresents the escrow agent with a bill of lading t hat proves timely delivery of the\nitems. The consumer/investor shall not unreasonably withhold notice of delivery.\n(5) A successor or assignee of the offeror's interest or rights in the agreement is subject\nto all equities, rights, and defenses of the consumer/investor against the offeror.\n(6) Until the offeror has complied with this section, the buyer may cancel the purchase\nof a business opportunity by notifying the offeror in any manner and by any means\nof his intention to cancel.\n(7) Any waiver by the c onsumer/investor of a business opportunity of the rights\nprovided in this section is null and void and will not operate to relieve the offeror of\nany obligation placed upon him by KRS 367.801 to 367.819.","path":["KRS Chapter 367"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=35072","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:05Z","sha256":"019b8977f891e2ab5708f82daa555cc9d6ca76c9fb31c3a8d7c0284aafe3f9c3","source_id":"us-ky","stale":false,"prev":"us-ky/krs-367.815","next":"us-ky/krs-367.817"},"notice":"GroundRules: Original legal text. Not legal advice."}